Following on from the announcement from the FSA about ICE (see previous article), and hot on the heels of Liffe's announced intention to create LiffeClear, the Office of Fair Trading (OFT) has stepped in and called for feedback from industry "interested parties" on whether it should be investigating competition issues in the derivatives clearing and settlement market.
This may also have been prompted by Clara Furse (the Chief Executive of the LSE) who earlier this year was criticising Liffe's plans for creating a vertical model for exchanges (and thus locking in participants from execution up to the point of clearing). In a statement made today she is quoted as saying that the decision whether to refer ICE's plans to set up a clearing house to
the competition commission is "pivotal and will reverberate far beyond
the ICE market".
In its press release the OFT states that although it had "...... more »
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Wednesday, May 14
OFT statement regarding the recognition of ICE Clear Europe
by
Sean Sprackling
on Wed 14 May 2008 13:23 BST
ICE Clear Europe Named as a Recognised Clearing House by FSA
by
Sean Sprackling
on Wed 14 May 2008 08:31 BST
ATLANTA, May 13, 2008 (NYSE: ICE), a leading operator of global derivatives exchanges and over-the- counter (OTC) markets, announced today that ICE Clear Europe(TM) has received recognition from the UK Financial Services Authority (FSA) as a UK Recognised Clearing House, following HM Treasury approval and an Office of Fair Trading review. "ICE has a long-standing appreciation for the importance of clearing and its vital role in the operation of markets," said ICE Chairman and CEO Jeffrey C. Sprecher. "We are working to provide an integrated clearing solution to the market to promote continued innovation in risk management and the expansion of cleared markets. ICE Clear Europe seeks to provide new products and services in a timely and cost efficient manner in response to the needs of our end users, member firms and risk managers." "We have made significant operational progress to date working closely with the clearing community to build ... more » |
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